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Door Access Control Readers Market to Reach $9.6 Billion, Globally, by 2032 at 11.0% CAGR: Allied Market Research

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The global door access control readers market is driven by the growing adoption of smart access control systems, the rise in security concerns, and the surge in the adoption of cloud-based access control systems.
NEW CASTLE, Del., Oct. 26, 2023 /PRNewswire/ –Allied Market Research published a report, titled, “Door access control readers Market by Type (Keypad Readers, Swipe Card Readers, RFID Door Readers, Biometric Door Readers, Smart Lock Door Readers), By Application (Military and Defense, Commercial, Government, Education, Residential, Healthcare, Manufacturing, and Industrial, and Transportation): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global door access control readers industry generated $3.4 billion in 2022 and is anticipated to generate $9.6 billion by 2032, witnessing a CAGR of 11.0% from 2023 to 2032.

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(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
173 – Tables80 – Charts329 – PagesPrime Determinants of Growth:
The global door access control readers market is driven by the growing adoption of smart access control systems, the rise in security concerns, and the surge in the adoption of cloud-based access control systems. However, the high maintenance cost associated with the access control readers limits their adoption, thereby hampering the market growth. On the contrary, the surge in adoption of cloud-based access control systems and advancements in access control reader technology in developing countries are expected to offer remunerative opportunities for the expansion of the global door access control readers market in the coming future.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year
2022
Market Size in 2021
$3.4 billion
Market Size in 2031
$9.6 billion
CAGR
11.0 %
No. of Pages in Report
329
Segments Covered
Type, Application, and Region
Drivers 
Growing adoption of smart access control systems 
Rise in security concerns
Surge in adoption of cloud-based access control systems
Opportunities
High maintenance cost
Restraints
Advancements in access control reader technology in developing countries
 
COVID-19 Scenario: 
Due to the COVID-19 pandemic, the door access control readers market experienced supply chain disruptions and shortages of certain materials, leading to production delays and increased prices.However, the demand for security and safety applications continued to grow, particularly in the areas of industrial, government, and commercial sectors, which helped to mitigate the negative impact of the pandemic. The RFID Door Readers Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on type, the RFID door readers segment held the highest market share in 2022, accounting for nearly one-third of the global door access control readers market revenue, and is estimated to maintain its leadership status throughout the forecast period. On the other hand, the smart lock door readers segment is projected to grow at a high CAGR of 15.11% from 2023 to 2032. This is due to the surge in demand for enhanced security and safety solutions such as contactless solutions, seamless integration capabilities, and compliance with industry regulations.
The Commercial Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on application, the commercial segment held the highest market share in 2022, accounting for around one-third of the global door access control readers market, and is expected to maintain its leadership status throughout the forecast period. The growth of door access control readers in the commercial sector is being driven by the increasing demand for smaller and more precise piezoelectric components in applications such as micro-actuators, micro pumps, and medical devices. However, the residential segment is projected to manifest the highest CAGR of 13.64% from 2023 to 2032. The market for door access control readers used in consumer electronics is being driven by the demand for accurate actuation, sensing, and power generation in smartphones, wearables, and other devices.
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Asia-Pacific Region to Maintain its Dominance by 2032
Based on region, the Asia-Pacific region held the highest market share in 2022, contributing to nearly two-fifths of the global door access control readers market revenue, and is likely to dominate the market during the forecast period. The same region would also showcase the fastest CAGR of 12.12% during the forecast period. The rapid growth of the door access control readers industry sector in the Asia-Pacific region contributes to the growth of advanced security and safety solutions across various sectors such as commercial residential, and others driving the growth of the door access control reader market in the Asia-Pacific region.   
Leading Market Players:
Dormakaba Holding AGAllegion PlcASSA ABLOY AB.Identiv, Inc.IDEMIANedap N.V.Suprema HQ Inc.Gemalto NVNapco Security Technologies, Inc.Avigilon CorporationThe report provides a detailed analysis of these key players in the global door access control readers market. These players have adopted different strategies such as product launches, branding, collaborations, partnerships, acquisition, product upgrades/development, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the door access control readers market analysis from 2022 to 2032 to identify the prevailing Door access control readers Market Opportunity.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the door access control readers market forecast segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global door access control readers market trends, key players, market segments, application areas, and market growth strategies.Door Access Control Readers Market Key Segments:
By Type
Keypad ReadersSwipe Card ReadersRFID Door ReadersBiometric Door ReadersSmart Lock Door ReadersBy Application          
GovernmentEducationResidentialHealthcareManufacturing and IndustrialTransportationMilitary and DefenseCommercialBy Region
North America  (U.S., Canada, Mexico)Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA  (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)Procure Complete Report (329 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/45LjBsO
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact Us:
David Correa1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285UK: +44-845-528-1300India (Pune): +91-20-66346060Fax: [email protected] 
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ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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